MAXjet seeks court approval of $1 million asset sale

By Caroline Salls

Pittsburgh, March 18 - MAXjet Airways, Inc. requested court approval of the proposed $1 million sale of its assets to MAXjet Airways Acquisition Group, LLC, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The assets being sold include MAXjet's personal property, including office and other equipment, spare parts, vehicles and files and documents; redemption rights; commercial and aircraft leases; executory and post-bankruptcy contracts; licensures; and intellectual property, including trademarks, patents, manuals, documents and software.

In addition to the $1 million purchase price, MAXjet Airways Acquisition has agreed to pay lease and executory contract cure amounts.

When the court approves the sale, the buyer will be required to pay $783,000, which will be used to fund the company's operational costs incurred from March 12 to April 23.

In addition, the buyer will provide the company with office space for six months after closing, as well as access to books and records needed to administer the company's Chapter 11 bankruptcy case.

MAXjet has asked the court to schedule the sale hearing for March 25.

MAXjet was an all-business-class airline based in Dulles, Va. The company filed for Chapter 11 bankruptcy on Dec. 24. Its case number is 07-11912.

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